We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Monday, 27 April 09
INDONESIA MINING RULES MAY DETER INVESTORS-OFFICIALS - REUTERS
Indonesia's rules on foreign divestment of mining projects must be revised to address issues such as finding buyers if Southeast Asia's biggest economy is to attract new investment in the sector, industry officials said.
The issue of divestment, whereby foreign investors are required to sell down their stakes in local units, has led to several disputes involving global players.
A local unit of Newmont Mining Corp (NEM.N) is currently involved in an arbitration case over share divestment. In 2003, Rio Tinto (RIO.AX) and BP (BP.L) were embroiled in a long legal battle over the sale of a stake in PT Kaltim Prima Coal (KPC)
A new mining law passed in December requires foreign investors to divest shares to either the government, state-owned enterprises, and/or a local private entity after the fifth year of commercial production.
The previous mining law, dating from 1967, did not include this requirement. However, some mining companies, including PT Newmont Nusa Tenggara (NNT), were required to divest some of their shares to the government and local investors according to the terms of their contract of works with the government.
"The main concern for investors is the divestiture process that KPC and Newmont experienced was bad, because the provision in the contract of works was not well drafted," said Bob Parsons, an independent mining consultant.
"The divestiture provision will discourage foreign investment because it's against international business practices," he added.
The new mining law promises more certainty for investors, but also includes some contentious issues, with contracts of work replaced by shorter-term mining permits.
Priyo Pribadi Soemarno, executive director of the Indonesian Mining Association, said the five-year divestiture period was too short.
"Mining is a long-term business and is financed through loans. They need time to reach break-even point, repay the loan before starting to sell their shares, and five years is not sufficient," Soemarno said.
"We are not against divestiture. But it should not make it difficult for foreign investors to do it."
The association warns that mining investment in Indonesia may drop below $1 billion this year, adding that there may be no fresh projects as metal prices fall and miners await details of the new mining bill including the divestiture provision.
The government is more upbeat, saying mining and geothermal investment could hit $2.24 billion, up from $1.6 billion in 2008.
GOING PUBLIC?
One of the main obstacles for a foreign investor is finding a buyer, as shown by Newmont's experience with its unit, NNT, which operates the Batu Hijau copper and gold mine in Sumbawa.
Under its contract of work, Newmont must sell 51 percent of its shares in the unit to local investors, with the finance ministry having first right of refusal on all the share sales.
The Indonesian authorities said Newmont had not sold its shares quickly enough, even though the finance ministry did not take up the offer to buy the shares because of limited funds and other spending priorities, leading to a dispute.
An arbitration court ruled earlier this month that Newmont must sell a 17 percent stake to the government within 180 days.
"It is easy for the law to mandate companies to sell their shares but when there is no buyer, what should they do?" said Parsons. "The regulations should anticipate various scenarios."
One solution, analysts suggest, is to allow foreign investors to list shares in the local venture on the stock exchange.
That strategy was used by PT International Nickel Indonesia Tbk -- in which Brazil's Vale Inco Ltd has a 60.8 percent stake -- when it sold a 20 percent stake in an initial public offering in 1990.
The government is now drafting the implementing regulations for the new law, including regulations on divestiture.
"We are discussing various options, including whether to release miners from the obligation to divest their shares if they cannot find buyers within a certain period," said an energy and mines ministry official, who asked not to be identified by name.
Source: http://uk.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUKJAK50340220090427?sp=true
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 27 February 09
WIKA TO ACQUIRE MINING COMPANY
The Jakarta Post reported that, Public listed state construction firm PT Wijaya Karya (Wika) is to acquire a mining contracting firm in the first se ...
Friday, 27 February 09
COASTAL ENERGEN INKS PACT WITH CHINESE FIRM FOR POWER EQUIPMENT
My Digital Fc reported that, Dubai-based Coal and Oil Group, which is setting up a 1,200MW thermal power plant in Tamil Nadu, has tied-up with China ...
Thursday, 26 February 09
GMR INFRA COMPLETES INDONESIAN BUY
Blonnet reported that, GMR Infrastructure Ltd today confirmed the acquisition of an Indonesian coal mining company for a consideration of $80 millio ...
Wednesday, 25 February 09
INDONESIAN GOVERNMENT TO REGULATE MINIMUM COAL SELLING PRICES
The Jakarta Post reported that, To complement the recent enactment of the new mining law, the government is preparing to introduce a coal pricing in ...
Thursday, 19 February 09
GEOTHERMAL ENERGY DOMINATES 10.000 MW POWER PROJECT - ESDM
The role of coal as a source of energy is superseded by geothermal energy to power the second phase of the 10.000 megawatt (MW) power plant project. ...
|
|
|
Showing 6861 to 6865 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- MS Steel International - UAE
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Planning Commission, India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
|
| |
| |
|
